Gold price retraces Rs 28,000 mark
Gold prices recovered by Rs 150 to Rs 28,050 per ten gram in the national capital Wednesday.
New Delhi: Gold prices recovered by Rs 150 to Rs 28,050 per ten gram in the national capital Wednesday on emergence of buying at prevailing levels by jewellers to meet rising demand amid weakening rupee.
Silver also moved up by Rs 300 to Rs 42,900 per kg on increased offtake from industrial units and coin makers.
Traders said recovery in gold prices was mostly supported by fresh buying by jewellers to meet rising demand and depreciating rupee against the dollar, making imports costlier.
In Delhi, gold of 99.9 and 99.5 percent purity traded higher by Rs 150 each to Rs 28,050 and Rs 27,850 per ten gram respectively. It had lost Rs 130 yesterday. Sovereign, however, held steady at Rs 24,600 per piece of 8 gram.
Globally, gold was trading 0.35 percent lower at USD 1,267.20 an ounce in Singapore.
In a similar fashion, silver ready rose by Rs 300 to Rs 42,900 per kg and weekly-based delivery by Rs 120 to Rs 42,170 per kg. The white metal had lost Rs 400 in last trade.
On the other hand, silver coins remained steady at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.